Monday, November 2, 2015

What Will Your Heirs Do With the Inheritance You Leave Them?

What will your heirs do with the inheritance you leave them?

When it comes to the future and money, the story of life generally goes something like this: you work hard, plan ahead, and make sure to save as much money as you possibly can toward your retirement so that you can have a smooth, financially stress-free life down the road.

Sure. That’s definitely part of the process, but in my humble opinion, it’s only half the story. The other equally important – if not more crucial – aspect of the process involves what will happen to the inheritance you will leave behind. I’m literally referring to the money you will leave behind to your beneficiaries.

So here’s the question: When it’s all said and done and you depart this planet, will your hard-earned money be used in a manner that reflects your values and expectations?

If you expect your inheritance to be used in a more tangible way to further the lifestyle of your loved ones, be sure to articulate those expectations over the course of your life. More importantly, take the time to impart your values, ethics, and core beliefs on your loved ones now, while youre still here, instead of just writing their names on the beneficiary forms.

In my practice over the years, I’ve come to notice that the overwhelming majority of folks have very specific desires, expectations, and visions they hope to impact with the inheritances they will leave behind to their heirs. Unfortunately, however, many haven't made those expectations clear to their beneficiaries. They’re just hoping that the inheritances will be put to good use.

As the evidence and my experience show, when folks don't have clear conversations with their heirs about prospective inheritances, those heirs tend to spend their bequests frivolously, so to speak. But then again, that shouldn’t be too surprising, should it? 

On the one hand, you could argue that its a gift, so your beneficiary should use the inheritance as he/she sees fit. Not to mention that you literally won’t be around to see what happens. If that’s your thought, you’d be absolutely correct. The point I’m trying to get across is just to make sure you’re okay with that – or start talking NOW!
Visit or call 877.656.9111 right now to book your complimentary, confidential consultation with a financial professional who has your best interest at heart and who is willing to ask the tough questions to help you make a plan that will get you where you want to go. Youll be paired with an experienced financial professional who can help you plan for a secure future, regardless of your current financial situation. Retirement planning means planning for ALL aspects of your life after retirement. If youre ready, were here to help. 

No comments:

Post a Comment

Chime in with your comments or questions: